BBB Co. has a 3-year contract to build a bridge for $100,000 (revenue). A reliable total...
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BBB Co. has a 3-year contract to build a bridge for $100,000 (revenue). A reliable total cost estimate for the project is $60,000. Variable consideration has already been taken into account. Actual costs are shown below: Year Cost 1 $21,000 2 $24,000 3 $15,000 Revenue Gross Profit Using the Percentage of Completion method, gross profit in years 1 & 2 is: ? BBB Co. has a 3-year contract to build a bridge for $100,000 (revenue). A reliable total cost estimate for the project is $60,000. Variable consideration has already been taken into account. Actual costs are shown below: Year Cost 1 $21,000 2 $24,000 3 $15,000 Revenue Gross Profit Using the Percentage of Completion method, gross profit in years 1 & 2 is: ?
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To calculate the missing values for revenue and gross profit using the percentage of completion meth... View the full answer
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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